| However bankruptcy
cannot cure all of companies financial problems, nor is
it right step for everyone and should be heavy reconsidered,
bankruptcy stays in your credit information for many years
in future.
Bankruptcy cannot wipe out all of your
debts like money owed for child support, alimony and some
taxes, nor other debts listed in your bankruptcy petition
like debts resulting from willful and malicious harm.
There are four types of bankruptcy cases provided under
the law:
Straight Bankruptcy or liquidation –
you file a petition asking the court to discharge your debts
Adjustment of Debts – you file a plan showing a way
how will you pay some of your current debts over past three
of five years, important part is that you may be allowed
to keep your valuable property like home or/and car.
Reorganization – is used by business companies that
have very large debts behind them
Family farmer debts – reserved for family farmers. |
